The Financial Conduct Authority (FCA) has fined Santander UK £107.7m after it found "serious and persistent gaps" in its anti-money laundering (AML) controls, affecting business banking customers.
Between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the account oversight of more than 560,000 business customers.
The regulator stated that the bank had ineffective systems to adequately verify the information provided by customers about the business they would be doing. It also failed to properly monitor the money customers had told them would be going through their accounts compared with what actually was being deposited.
